#GST evasion

[newslime]

Unveiling the Shocking Reality: Over Rs 2 Lakh Crore GST Evasion in FY24

In a surprising turn of events, authorities have uncovered GST evasion amounting to over Rs 2 lakh crore during the fiscal year 2023-24, nearly equivalent to 10% of the total GST collections. Despite a commendable 11.6% increase in gross GST collections from the previous financial year, this staggering revelation underscores the persistent challenges faced in combating tax evasion.

The Directorate General of GST Intelligence (DGGI), the enforcement arm under the Ministry of Finance’s Department of Revenue, has identified various sectors where the majority of alleged tax evasion occurred. Among these, sectors such as online gaming and casinos, co-insurance/re-insurance, and secondment have been particularly implicated, with significant sums involved.

The FY24 data reveals a substantial surge in detected cases of duty evasion, totaling around Rs 2,01,931 crore across 6,074 cases—a staggering 99% increase from the previous financial year. Moreover, voluntary payments towards the evasion have also risen, amounting to Rs 26,598 crore, representing approximately 1.3% of total GST collections in FY24.

Wrongful availment of input tax credit (ITC) or fake ITC claims has emerged as a major concern for GST authorities. Special drives have been conducted to counter this menace, resulting in the detection of numerous cases involving fraudulent ITC claims. Notably, the focus has been on dismantling fake input tax credit syndicates and apprehending masterminds behind these schemes, leading to a significant number of arrests.

In addition to domestic tax evasion, investigations have been initiated against offshore online gaming entities that fail to comply with GST laws. The crackdown on tax evasion has been relentless, with authorities issuing a slew of notices to entities across various sectors, including banking, insurance, online gaming, and more.

To strengthen enforcement efforts, GST authorities are leveraging advanced technologies such as Big Data Analytics and Artificial Intelligence to detect evasion. The DGGI has bolstered its cyber forensics infrastructure and established digital forensic laboratories across strategic locations in India.

In a bid to streamline investigations and ensure effective enforcement, the Central Board of Indirect Taxes and Customs (CBIC) has issued guidelines outlining standard operating procedures for GST officers. These guidelines aim to expedite investigations, particularly in cases involving major industrial houses or multinational corporations, while maintaining a strict deadline for concluding inquiries.

The revelation of such significant GST evasion underscores the critical importance of robust enforcement measures and technological advancements in combating tax fraud. As authorities continue to intensify their efforts, it remains imperative for businesses to adhere to GST regulations and uphold integrity in tax compliance.

[townpostin]

GST Fraud Case: Jamshedpur Industrialist Jailed

Court orders custody for Gyan Chandra Jaiswal in ₹55.66 crore tax evasion scandal Prominent businessman arrested after multiple summons, accused of fraudulent transactions through various companies. JAMSHEDPUR – A local court has remanded industrialist Gyan Chandra Jaiswal to judicial custody in a significant GST fraud case. Jaiswal, also known as Bablu Jaiswal, faced arrest for his alleged…

[businesshepler12345]

PMT-06 Monthly (GST) In 2024

https://blog.vaimsadvisors.com/?p=946

This form remains a critical component of the GST ecosystem in 2023. By accurately reporting payments made to registered suppliers, businesses can comply with GST regulations and claim input tax credits. Moreover, it helps maintain transparency and reduces the likelihood of tax evasion.

[lilyblackdrawside]

So in the middle of Gensou Shoujo Taisen is the Silent Sinner in Blue arc. This briefly follows a part of the titular manga where Remilia Scarlet decides to visit the moon because she’s bored and absolutely no shenanigans ensue and nobody gets hurt. Everyone had a good time.

In GST you get a few more people than actually go in the manga, but it’s still kind of an anemic roster if you ask me. It consists of three stages, the first of which just has you fighting a bunch of military lunar rabbits who aren’t a threat. That one’s a warm-up.

The second stage pits you against Yorihime. You’re meant to lose here and in the story, you do lose. Even if you beat her. This is because she kicks everyone’s ass without breaking a sweat in the manga nothing at all actually happens in the manga. So Yorihime is set up to be very difficult to beat. How? Well, mostly by being largely unhittable, having attacks that you pretty much can’t dodge and dealing enough damage to twoshot your tankiest units and oneshotting everyone else. However, when you do land a hit on her she’s not actually that sturdy.

This is what we call good odds versus her. Reimu is equipped with some accuracy boosting gear, Marisa is pretty much fully upgraded and has heavily increased accuracy and evasion due to being near death and from Friendship with Reimu. She’s also not in danmaku, so no extra evasion penalties apply.

In fact, she’s so accurate that at some point she just starts styling on you about it:

Elly here doesn’t get much from being at low health, she really is just dying. Not that she could take that hit even at full health if she wasn’t under Grit.

To pass the stage you just have to clear her first health bar and then wait out the rest, which isn’t too bad. But with clever use of Seishin skills to bypass her evasion and accuracy (Almost everyone gets Strike and/or Flash or can be functionally accurate with Focus) you can take her out reasonably well. Oh also she takes two turns per turn, three on her last Spellcard.

And then there’s the third and last stage. The worst one:

This doesn’t look too bad on first sight, but there are a lot more enemies that spawn in with each turn. Your main goal is to get the Seirensen all the way to that white border within 8 turns. The secondary bonus objective is to get everyone else across first. And all that actually isn’t that bad if all you want to do is just get outta there. But you see that all the way to the left. You see her there: Yorihime. I gotta kill her again. I just have to. Well, she still packs two turns per turn, but thankfully her accuracy is a bit lower this time (if you beat her on the previous stage anyway) and she doesn’t have any extra Spellcards. So you beat her. She just goes back to full health. You can’t get rid of her and her danmaku heavily reduces your movement range, so once you’re in, you’re in for good. There’s almost noone who could even outrun her with her two turns anyway. Aside from Yorihime, there are also several high value rabbits who carry extra cash that I want. And I just have to kill every enemy on every map. I just gotta. Also doesn’t help that I never put any investment into the ship. It’s always at minimum level because I simply do not want to use it, so it’s frail and can’t retaliate in a meaningful way. This is probably the least troublesome part though. I’ve tried many times to get every kill and also the secondary objective, but I just can’t do it, so this is the only stage where I give it up. There’s an actual reason to beating Yorihime again aside from the satisfaction of it and that is that she drops an item that’s useless on disc 3 but turns into one of the best pieces of equipment once you reach disc 4.

Also yes we’re “flying” through “space” don’t pay attention to it. It still counts as Sky terrain.

[einvoicesoftware]

Why E-Invoicing is in Focus nowadays

The government has initiated the trial of the e-way bill system from 15 January 2018 for the generation of e-way bills for intra-state and Interstate movement of goods but the system is expected to be rolled out soon and make it mandatory for transporters and organizations to generate the new e-way bill online according to the law of GST and in compliance with rules of the CGST rules. 

Every taxpayer or every registered person who transferred his goods or causes to the movement of goods of value exceeding ₹50,000 concerning supply or the reasons which are other than supply or for inward supply from an unregistered person then e-way bill generation is necessary.

The relevance of GST E-invoicing software plays a role, as it is well known that E-invoicing is not a new technology but its relevance has grown multiple folds in recent times.

For choosing the best E-invoicing software india, users must keep an eye out for one of the features for choosing E-invoicing software is its ability to integrate with an accounting system.

This software allows the users to see where your operating funds were channeled and for that, you can also determine where your business finances are headed and in which direction.

E-way bill portal has also released the e-way bill APIs to license GST Suvidha providers for helping large transporters or large organizations automate the entire process by integrating their solution within an ERP taxpayer or an existing e-way bill system for generating new e-way bills online in real-time.

A user can generate the bulk E-way bill from the system by using software or when the user needs to generate multiple bills available in one shot they can generate the bulk E-way Bill by adopting touchless technologies of e-invoicing.

The concept of an E-way bill to generate online under GST was to abolish the Border Commercial Tax post to avoid the evasion of tax in India.

So it is crucial to know every aspect related to the E-way bill system under GST. The E-way bill system is very much important for both parties whether it would be for the government or the business industry.

For More Information

Call +91-7302005777

Or visit https://unibillapp.com/

[ebizfilingindia-blog]

New GST Registration Rules on Startups

The Goods and Services Tax (GST) in India has fundamentally altered the landscape of taxation, particularly for startups. While GST aimed to unify the tax structure across the country, the government has continuously refined the rules to improve compliance, reduce tax evasion, and simplify processes. Recently, new GST registration rules have been introduced, specifically impacting startups. These rules present both opportunities and challenges, making it essential for startup founders to understand the implications and adapt accordingly.

Overview of the New GST Registration Rules

The new GST registration rules are part of an ongoing effort by the government to make the tax system more robust and efficient. Key changes include:

Mandatory E-invoicing: Startups with an annual turnover exceeding a specified limit must now implement e-invoicing. This system standardizes invoicing formats, ensuring that sales data is uploaded in real-time to the GST portal. This move is intended to improve transparency and reduce the chances of invoice manipulation.

Simplified Registration Process: The new GST registration process has been streamlined, especially for small businesses and startups. The documentation requirements have been reduced, and the processing times for registration applications have been shortened, making it easier for new businesses to get registered quickly.

Voluntary GST Registration: Startups with a turnover below the mandatory registration threshold can choose to register voluntarily under GST. This allows them to benefit from input tax credits and enhances their credibility with larger clients and investors.

Changes to the Composition Scheme: The composition scheme, which offers a simplified tax structure for businesses with a turnover of up to ₹1.5 crore, has seen revisions. The new rules clarify the eligibility and compliance requirements for startups opting for this scheme, ensuring that they can take full advantage of its benefits without facing undue regulatory hurdles.

Benefits of the New GST Registration Rules for Startups

Enhanced Market Credibility: One of the most significant advantages of the new GST registration rules is the boost in credibility they provide to startups. Being GST-compliant is often a prerequisite for doing business with larger companies and government entities. Voluntary registration, even for those below the turnover threshold, can open doors to more significant business opportunities, as it signals reliability and adherence to tax laws.

Access to Input Tax Credits (ITC): By registering under GST, startups can claim ITC on their purchases, which can substantially reduce their tax liability. This is particularly beneficial for startups that deal with goods and services that attract higher GST rates, as it helps in maintaining cash flow and reducing costs.

Ease of Compliance: The simplification of the GST registration process is a welcome change for startups. The reduction in documentation and faster processing times means that businesses can become operational sooner without getting bogged down by bureaucratic delays. This ease of compliance is crucial for startups, which often need to move quickly to capitalize on market opportunities.

Standardization through E-invoicing: The introduction of e-invoicing helps in standardizing the invoicing process, reducing the chances of errors, and ensuring that all transactions are recorded accurately. For startups, this means better financial management and easier reconciliation of accounts. E-invoicing also ensures that startups remain compliant with GST regulations, reducing the risk of penalties for non-compliance.

Challenges Posed by the New GST Registration Rules

Increased Compliance Costs: While the new GST registration rules bring several benefits, they also introduce additional costs. Implementing e-invoicing systems, maintaining compliance, and potentially needing to hire tax professionals can be expensive for startups, particularly those operating on tight budgets.

Complexity of E-invoicing: Although e-invoicing offers long-term benefits, the initial setup can be complex and time-consuming. Startups that lack the technical infrastructure may struggle to implement e-invoicing systems effectively, which can lead to operational delays and increased costs.

Risk of Penalties: The stricter compliance norms mean that startups must be meticulous in their tax filings and adherence to GST regulations. Any errors or delays in compliance can result in significant penalties, which can be a financial burden for a startup.

Impact on Cash Flow: While ITC is a benefit, the timing of refunds can create cash flow challenges. Startups that rely on timely refunds to manage their working capital may face liquidity issues if there are delays in processing these refunds.

Strategies for Startups to Adapt to the New GST Registration Rules

Leverage Technology: Investing in robust accounting and invoicing software can help startups manage GST compliance more efficiently. Automated systems reduce the risk of errors, streamline the invoicing process, and ensure timely filings.

Seek Professional Guidance: Navigating the complexities of the new GST registration rules can be challenging. Startups should consider consulting with tax professionals who can provide expert advice on compliance, tax planning, and maximizing the benefits of GST registration.

Stay Informed: The GST landscape is continually evolving, with frequent updates and amendments. Startups should stay informed about the latest changes to ensure they remain compliant and can take advantage of new opportunities as they arise.

Plan for Cash Flow Needs: Given the potential for delays in ITC refunds and the additional costs associated with compliance, startups should plan their cash flow carefully. Building a financial buffer can help mitigate the impact of these challenges and ensure smooth operations.

Conclusion

The new GST registration rules offer both opportunities and challenges for startups in India. By enhancing market credibility, providing access to input tax credits, and simplifying the registration process, these rules can help startups grow and thrive. However, the increased compliance costs, complexity of e-invoicing, and potential cash flow issues require careful management. Startups that proactively adapt to these changes, invest in technology, and seek professional guidance will be better positioned to navigate the evolving GST landscape and achieve long-term success.

[acquisory]

E-Way Bill — A new Opportunity for Easy Transit

In the meeting of the GST Council it was decided and recommended that the e-way bill shall be introduced in a staggered manner from 1st January, 2018, and will be rolled out nationwide from 1st April, 2018.

E-way bill was also the part of VAT regime wherein it was created under the name of Delivery Note. This delivery note was carried along with the goods which provide the proof that goods being carried are already uploaded on the server of the department and hence no evasion of tax. The above system used to be manual system wherein the Delivery Notes were collected from the VAT department and later on its utilization statement is submitted.

Under GST, one system is being developed for the generation; cancellation etc. of E-way bill. If different states had separate systems for generation of E-way bill it would have resulted in difficulty to cross-verify of such E-way bill and also result in hindrance of movement of goods and free trade from one state to another.

“ E-Way Bill is an electronic way bill for movement of…

Read more: https://www.acquisory.com/ArticleDetails/65/E-Way-Bill-%E2%80%93-A-new-Opportunity-for-Easy-Transit

[babatax]

FinMin must identify high risk taxpayers in GST composition scheme: CAG

The Comptroller and Auditor General (CAG) has asked the Finance Ministry to identify high risk taxpayers in the GST composition scheme on a periodical basis and verify from other sources, including third parties, their declared value of sales to check tax evasion. Based on an analysis of 8.66 lakh composition taxpayers under the central jurisdiction between 2019-20 to 2021-22 fiscals, the…

[aakashmalhotra]

Exploring the 2024 Union Budget: International Tax Insights

What are the key details that taxpayers should be aware of regarding the 2024 tax changes?

Key Highlights

The Finance Minister of India presented the Union Budget 2024 on 23 July 2024. The Budget includes several positive proposals, such as tax incentives for small businesses, increased funding for infrastructure development, and measures to support sustainable energy initiatives. Thus, the purpose of these suggestions is to boost the economy, e-commerce growth in India and tackle several issues. 

The Income Tax Act is due for a review, and the government has suggested much-needed changes, which are long overdue.

The base corporate tax rate for nonresident corporate taxpayers has been reduced from 40% to 35%.

The removal of angel tax provisions and the introduction of Equalisation Levy 2.0 will have a significant impact and are considered game changers.

The rationalization of the TDS Regime is a positive step forward and is sure to benefit the country's overall growth.

The removal of indexation to compute cost while calculating gains will significantly impact the capital gains tax regime. With the removal of the buyback tax, the tax incidence will now shift to the recipient.

The government has restated its commitment to simplifying processes, rationalizing GST rates, and expanding GST coverage to all sectors.

Customs duties will be waived for key sectors like healthcare, solar, critical minerals for renewable energy, and high-tech electronics. Additionally, there will be a reduction in customs duties for mobile phones, gold, precious metals, and the leather and textile industries.

Introduction of a one-time tax settlement scheme called Vivad se Vishwas (VSV) to help quickly resolve ongoing tax disputes.

The government of India is currently engaged in modernizing its international tax policies and administration. This initiative encompasses the implementation of a variety of tax incentives and rate reductions, as well as the substantial digitalization of critical processes.

Tax Insights: Introduction

During the presentation of the Union Budget for 2024-2025, the Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman underscored the budget's emphasis on several identified priorities aimed at expediting the journey toward the goal of Viksit Bharat.

The Finance Minister highlighted the government's ongoing efforts to simplify taxes, improve taxpayer services, and reduce legal disputes. Thus, the taxpayers have responded positively to these efforts.

In the fiscal year 2022-23, Smt. Sitharaman highlighted that 58 percent of corporate tax revenue was contributed by the simplified tax regime. Additionally, over two-thirds of taxpayers chose to adopt the new personal income tax regime based on the data available.

During the budget presentation, the Finance Minister also announced a number of attractive benefits designed to provide tax relief to salaried individuals and pensioners who choose the new tax regime. The Union Budget for the fiscal year 2024-2025 has incorporated a range of provisions and amendments, underscoring the government's dedication to establishing a streamlined and effective tax framework.

What is the major objective of the International tax sector?

International taxation serves various objectives, such as ensuring fair distribution of tax burdens, preventing the illegal avoidance of taxes, fostering economic growth, and facilitating international collaboration. However, the following are the primary purposes of the International tax sector.

Preventing Double Taxation

Encouraging International Trade and Investment

Preventing Tax Evasion and Avoidance

Equitable Distribution of Taxing Authority

The encouragement of International collaboration

Union Budget 2024 International tax updates

Following are the International tax sector updates:

Rationalisation of taxes and rates 

E-commerce operators from foreign countries, who supply or facilitate the e-commerce supply of goods or services into or relating to India, are currently burdened with India’s digital service tax, the equalisation levy, which is imposed at a significant 2 percent of the gross consideration. The impending discontinuation of this tax will bring a welcome relief and is scheduled to take effect from 1 August 2024.

From fiscal year 2024–2025, foreign companies will have a reduced corporate tax rate of 35 percent, down from 40 percent.

Relief/beneficial provisions 

Angel tax is a tax that private companies have to pay when they issue shares to someone at a price higher than the fair market value of the shares. The government's proposed Finance Bill aims to get rid of angel tax starting from April 1, 2024. This will be a great relief for companies that receive investments, including those from foreign sources.

The safe harbour rules will be expanded, and the transfer pricing assessment procedure will be streamlined.

IFSC-regulated finance companies may be exempt from thin capitalization rules as long as they meet certain conditions. This would put them on the same level as banks, some NBFCs, and insurance companies.

Other changes 

A new presumptive taxation regime is being considered for cruise ship operations conducted by non-residents in India, effective from the fiscal year 2024–25. This regime would deem 20% of the specified gross receipts as business income. Additionally, Cruise Ship Operators (CSOs) would be exempt from the presumptive taxation regime for non-resident shipping businesses. Specific group companies of these CSOs receiving lease rentals would also be eligible for tax exemption until the fiscal year 2029–30.

With effect from 1st October 2024, a significant change has been implemented in the tax treatment related to share buybacks by domestic companies. The tax burden has now been transferred from the company to the shareholders. The consideration received by the shareholder will be taxable as a "dividend" at applicable tax rates without any deduction for expenses, potentially resulting in a capital loss. Shareholders must proactively consider tax treaty benefits or dividend deductions available to them.

Before April 1, 2024, if a taxpayer transferred a capital asset through a gift, will, or irrevocable trust, it was not considered a "transfer" under the Income Tax Act. Therefore, no capital gains tax was applied to the transferor. Starting April 1, 2024, this rule will only apply to transfers by individuals or Hindu undivided families. This means that gifts or transfers to an irrevocable trust of any capital asset by other taxpayers will be subject to capital gains tax.

Procedural matters 

Currently, there is a time limit of seven years to pass an order deeming a person to be in default for failure to deduct or deposit TDS for resident payees. However, there is no such time limit for non-resident payees. Similarly, no time limit has been prescribed for cases of failure to collect or deposit tax at source (TCS). It is proposed to provide a common limitation period of six years for passing such an order for both resident and non-resident payees. A similar timeline has been prescribed for passing orders in the case of TCS provisions.

Effective April 1, 2025, a proposal to streamline compliance for non-resident liaison offices and introduce penalties for delayed compliance will take effect. Currently, the requirement dictates that the statement of activities must be filed within 60 days from the end of the fiscal year. The proposed changes will entail the specification of new timelines through established rules.

Applications for advance rulings that have been transferred from the Authority for Advance Rulings to the Board for Advance Rulings may be withdrawn by October 31, 2024, if they have not already been disposed of.

Non-locals and international businesses can settle ongoing legal disputes through the new conflict resolution program called the Direct Tax Vivad Se Vishwas Scheme 2024.

Last words

The national, state, and union territory governments of India are actively promoting foreign investment to drive economic transformation. While this presents promising opportunities, it's important for investors to approach this with caution, as both risk and opportunity are closely intertwined in India's investment landscape.

[rgmuskan]

Understanding Different Types of GST Returns - Nishant Verma

Goods and Services Tax (GST) is a crucial aspect of the modern tax system, designed to simplify and streamline taxation in India. One of the key components of GST compliance is filing various types of GST returns. In this comprehensive guide, we will delve into the different types of GST returns under the GST law, explaining each subheading in simple language to ensure a thorough understanding.

Overview of GST Returns:

types of GST returns are documents that a taxpayer needs to file with the tax authorities to report their income, expenses, and other relevant information for a specific period. The returns help the government assess tax liability, ensuring transparency and preventing tax evasion. To Understand different types of GST Returns visit Nishant Verma Website.

[pratimadheer]

Corporate Taxation in India: The Role of Tax Lawyers in Mumbai

Corporate taxation in India is a complex and ever-evolving field that presents numerous challenges for businesses of all sizes. Navigating the intricate web of tax laws, regulations, and compliance requirements is crucial for companies to avoid legal pitfalls and optimize their tax liabilities. In this dynamic landscape, Tax Lawyers in Mumbai play an indispensable role, offering expert guidance and legal representation to businesses seeking to manage their corporate tax obligations effectively.

Understanding Corporate Taxation in India

Corporate taxation in India encompasses a range of taxes levied on the income and profits of companies operating within the country. The key components of corporate tax include income tax, goods and services tax (GST), and other levies such as dividend distribution tax and minimum alternate tax (MAT). Each of these taxes has its own set of rules, rates, and compliance requirements, making corporate taxation a highly specialized area of law.

Income tax for companies is primarily governed by the Income Tax Act, 1961, which lays down the rules for computing taxable income, allowable deductions, exemptions, and the applicable tax rates. Additionally, companies are required to comply with the provisions of the GST Act, which regulates the taxation of goods and services supplied within India. The complexity of these laws, coupled with frequent amendments and judicial interpretations, makes it challenging for businesses to stay compliant without professional assistance.

The Role of Tax Lawyers in Corporate Taxation

Tax Lawyers in Mumbai are uniquely positioned to help businesses navigate the complexities of corporate taxation. Their expertise extends beyond merely filing tax returns; they provide comprehensive legal support that encompasses tax planning, compliance, dispute resolution, and representation before tax authorities. Here’s how tax lawyers play a vital role in corporate taxation:

Strategic Tax Planning

Effective tax planning is essential for businesses to minimize their tax liabilities and maximize profitability. Tax lawyers in Mumbai assist companies in developing strategic tax plans that align with their business objectives while ensuring compliance with the law. This includes advising on the optimal structure of transactions, utilizing tax incentives, and taking advantage of deductions and exemptions available under the law.

By carefully analyzing a company’s financial situation and future plans, tax lawyers can identify opportunities to reduce tax burdens legally. This proactive approach not only saves money but also helps businesses avoid potential legal issues related to tax evasion or non-compliance.

Ensuring Compliance

The Indian tax landscape is characterized by frequent changes in laws, regulations, and judicial interpretations. Keeping up with these changes is a daunting task for businesses, especially those without in-house legal teams. Tax lawyers in Mumbai are well-versed in the latest developments in tax law and ensure that their clients remain compliant with all applicable tax regulations.

Compliance involves timely filing of tax returns, accurate computation of taxes, and adherence to reporting requirements. Tax lawyers help companies prepare and submit their returns, ensuring that all necessary documentation is in order and that the correct amount of tax is paid. This reduces the risk of penalties, interest, or legal action from tax authorities.

Handling Tax Disputes

Tax disputes can arise due to various reasons, including differences in interpretation of tax laws, errors in tax assessments, or challenges to tax deductions and exemptions claimed by the company. When disputes arise, tax lawyers in Mumbai provide crucial legal representation to protect the interests of their clients.

They assist in responding to notices from tax authorities, representing the company in hearings, and negotiating settlements. If the dispute escalates to litigation, tax lawyers can represent the company in tax tribunals and courts, ensuring that the case is presented effectively and that the company’s rights are upheld.

Corporate Restructuring and Mergers

Corporate restructuring, mergers, and acquisitions are common in the business world, and these transactions often have significant tax implications. Tax lawyers in Mumbai play a key role in advising companies on the tax aspects of such transactions, ensuring that they are structured in the most tax-efficient manner.

This includes analyzing the tax impact of transferring assets, liabilities, and business units, as well as advising on the treatment of goodwill, capital gains, and other tax considerations. By providing expert advice, tax lawyers help companies navigate complex transactions without incurring unnecessary tax liabilities.

Conclusion

Corporate taxation in India is a challenging domain that requires specialized knowledge and expertise. Tax Lawyers in Mumbai are essential partners for businesses looking to navigate this complex landscape. From strategic tax planning and compliance to handling disputes and advising on corporate transactions, tax lawyers provide the legal support needed to manage corporate tax obligations effectively.

In a rapidly changing tax environment, the role of tax lawyers is more critical than ever. By ensuring that businesses remain compliant, minimize their tax liabilities, and successfully resolve disputes, tax lawyers contribute to the financial health and legal security of their clients. For companies operating in Mumbai, partnering with experienced tax lawyers is a smart investment that pays dividends in the form of reduced tax burdens and increased peace of mind.

[alishajoy059]

The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax in India, merging various indirect taxes into one. It includes Central GST (CGST), State GST (SGST), and Integrated GST (IGST), promoting a uniform tax rate nationwide on goods and services, enhancing compliance, and reducing evasion.

[indiaepost]

Infosys stock falls as company disputes Rs 32,000 crore GST notice

 Infosys shares fell on Thursday after it received a GST notice citing an alleged Rs 32,000 crore tax evasion, a claim that the IT major has disputed. Infosys shares that opened at Rs 1,850 were trading 0.5-1 per cent low. The company’s share has gained more than 20 per cent since January this year. Reports earlier claimed on Wednesday, citing Directorate General of GST Intelligence, that…

[hustle-gram]

Infosys, India's second-largest IT company, has been accused of evading taxes amounting to over Rs 32,000 crore by the Directorate General of GST Intelligence (DGGI).

[lilyblackdrawside]

Gensou Shoujo Taisen is clearly inspired by Super Robot Taisen in just about every aspect. The title, attack animations, some battle quotes, general gameplay. But there is one gameplay addition that I want to bring up and that’s the danmaku. The central conceit of the actual Touhou games exists in GST as ever present fields that are deployed by enemies. These fields reduce your evasion, defense and movement range while you’re inside and they can stack. These effects work well in gameplay and to represent what they are: When you find yourself caught in dense attacks in a shmup, you’re more likely to get hit and your ability to move is restricted. In GST, the generic fields exist to slow you down and to overwhelm you if you don’t deal with enemies before the bunch. You’ll quickly find yourself overwhelmed by danmaku if you can’t keep killing the enemies that deploy it and before long, you won’t be able to reliably dodge or tank attacks anymore. Meanwhile bosses have a whole different caliber of danmaku. Not only will its general effects be much stronger than usual, which pretty much forces you use Seishin skills to stand any chance at dodging, but they also come with special effects attuned to each boss. Be that Aya’s danmaku boosting the evasion of any enemy inside, Kisume's reducing damage taken or Yuyuko’s reducing healing more and more as the fight progresses, there are a lot of nasty effects to deal with. If it was just this, it wouldn’t be all that great, but the danmaku system is coupled with two other mechanics: Focus Mode and Bombs. Bombs are dropped by certain enemies on each stage and at the cost of losing 10 Power (Morale) will deal some damage and clear all danmaku in an area around the user for your turn. You can use this to rush some people through a barricade of danmaku to clear a time-sensitive objective, gain some initiative or to open a boss up for attacks, but you’ll have to be deliberate in using them since they’re limited per stage. Focus Mode is something anyone can enter or leave freely before committing to an action. It changes your movement range to Focused, which is usually about half of a character’s unfocused movement range. Both can be modified and different characters can have different specializations in either, such as Marisa having 7 unfocused and 2 focused movement and Reimu having 6 and 3 respectively. It also grants fully immunity to generic danmaku effects. Evasion, defense and movement penalties are all ignored. In particularly heavy danmaku, there’s a good chance you’ll have an easier time moving around in focus mode, even with the lowered movement range. However, there’s also a catch. Being in Focus mode changes “dodging” to “grazing”, where if you successfully roll to dodge, you will graze the attack and take damage according to your dodge percent. So if an attack has a 25% chance to hit you, there’s a 25% chance that you just get hit and a 75% chance that you’ll take a quarter of the damage. This makes you consider whether it’s better to face guaranteed, stable chip damage or gamble on worse odds to fully dodge. It’s mostly a question for evasive characters, since tanks already play with the expectation to take hits, but you can even build around mitigating graze damage with skills like Instinct Dodge (evasion/accuracy increases as health goes down) and Streaming (reduces graze damage taken), which is fairly viable if you also have some passive health regen to eventually reach a stable state or just end up with such high evade at near death that in Focus mode you’ll never face above 0% incoming hit chances. Focus mode also gives a flat +10% hit chance, which is pretty handy. Some attacks need you to be in either one or the state, like Marisa’s Master Spark or Reimu’s Phantasy Seal requiring focus mode (inspired by PCB’s focus<>nofocus bombs). Overall the danmaku mechanic is very tightly woven into these games and I think it’s really nice.